Workhorse Group Q3 Earnings Miss Street View; Launches Stables & Stalls Initiative

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  • Workhorse Group Inc WKHS reported third-quarter FY22 sales of $1.54 million, missing the consensus of $2.56 million.
  • Gross loss narrowed to $(7.96) million from $(12.12) million last year. 
  • Operating expenses more than tripled to $40.87 million, primarily driven by the net $20.0 million legal settlement expense and an increase of $3.8 million in professional and legal services related to securities and shareholder derivative litigation.
  • Operation loss was $(48.8) million versus $(25.5) million the previous year.
  • Net loss for the quarter narrowed to $(35.4) million. EPS loss of $(0.22) missed the consensus of $(0.12).
  • The company held $120 million in cash and equivalents as of September 30, 2022.
  • Workhorse announced its Stables & Stalls fleet electrification platform to provide services and charging infrastructure to support small fleet operators with EV-powered fleets.
  • Outlook: Workhorse reduced the range of vehicles expected to be manufactured and sold to 100-200 (prior view 150-250 vehicles), assuming current supply chain lead times remain unchanged.
  • It reaffirmed its 2022 revenue outlook of $15 million - $25 million versus the consensus of $18.29 million.
  • Price Action: WKHS shares traded higher by 1.40% at $2.79 on the last check Tuesday.
  • Photo Via Company
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